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Nomad appointed and trading to resume

8th May 2015 16:49

RNS Number : 6987M
Daniel Stewart Securities PLC
08 May 2015
 

FOR IMMEDIATE RELEASE 8 May 2015

 

Daniel Stewart Securities plc

('Daniel Stewart' or 'the Company')

 

Appointment of Nominated Adviser and Resumption of Trading on AIM

 

 

Daniel Stewart Securities plc (AIM: DAN), the investment bank providing corporate advisory, institutional stockbroking and wealth management services, is pleased to announce that Beaumont Cornish Limited ("BCL") has been appointed as the Company's Nominated Adviser with immediate effect. Accordingly, trading in the Company's Ordinary Shares on AIM is expected to recommence with effect from 7.30 a.m. on 11 May 2015.

 

Under the terms of BCL's appointment, the Company and BCL have agreed that BCL shall be entitled to resign as the Company's Nominated Adviser, at any time, should any party become a 10 per cent. Shareholder (or more) whether or not approved as a "Controller" by the FCA, without Beaumont's prior approval (to be given in Beaumont's absolute discretion).

 

As previously reported on 15 April 2015, trading conditions remain challenging and so the Company also announces that it feels it would be prudent to strengthen further its balance sheet and put in place additional funding either from existing or new investors or a combination of both in order to provide more certainty in what still remains an overall fragile capital market.

 

To this end the Company is therefore seeking to raise up to £1million and is in advanced discussions with its largest shareholder, Epsilon Investments PTE Limited, to lead the funding and expects to announce its conclusion shortly.

 

The Board continues to be encouraged by the level of new and existing business opportunities; and new business wins have been sufficient to give the Company the confidence to add to the team with the appointment of three new members of the corporate broking team.

 

 

Finally, the Board is pleased to announce that it is in discussions with a number of proposed new non-executive directors with a view to strengthening the overall composition of the Board and expects to announce at least one additional appointment shortly.

 

 

- ENDS -

 

Enquiries:

 

DANIEL STEWART SECURITIES PLC

Peter Shea, Chairman

Tel: 020 7776 6550

 

BEAUMONT CORNISH LIMITED

Roland Cornish/ James Biddle

Tel: 020 7628 3396

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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